Crude Oil - Aug 17, 2020 Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded positive with NYMEX WTI Crude oil prices rose nearly half a percent to above $42 on Monday. MCX Crude oil August futures were trading up by 1% to Rs. 3160 by noon session.

Crude oil prices traded positive on China's plans to ship in large volumes of U.S. crude in August and September. The rise in crude oil import volume from China will boost investment sentiments with sign of economic recovery.

We expect oil prices to trade sideways to up for the day with support at $40 and resistance at $43. MCX Crude oil August futures has support at Rs. 3080 with resistance at Rs.3210.

Source : Equity Bulls

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